CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2012	Dec. 31, 2011
INVESTMENT PROPERTY AND EQUIPMENT
Land	$ 18,043,214	$ 17,869,214
Site and Land Improvements	143,851,232	141,336,346
Buildings and Improvements	5,567,837	5,436,622
Rental Homes and Accessories	28,311,377	26,610,360
Total Investment Property	195,773,660	191,252,542
Equipment and Vehicles	8,734,044	8,825,662
Total Investment Property and Equipment	204,507,704	200,078,204
Accumulated Depreciation	(67,800,705)	(66,555,081)
Net Investment Property and Equipment	136,706,999	133,523,123
OTHER ASSETS
Cash and Cash Equivalents	8,828,576	8,798,023
Securities Available for Sale	47,660,935	43,298,214
Inventory of Manufactured Homes	9,538,464	10,188,747
Notes and Other Receivables, net	20,571,739	21,325,854
Unamortized Financing Costs	1,487,726	1,319,119
Prepaid Expenses and Other Assets	1,043,330	627,607
Land Development Costs	4,936,189	4,863,849
Total Other Assets	94,066,959	90,421,413
TOTAL ASSETS	230,773,958	223,944,536
LIABILITIES:
MORTGAGES PAYABLE	96,307,346	90,282,010
OTHER LIABILITIES
Accounts Payable	223,885	688,672
Loans Payable	17,611,285	23,949,831
Accrued Liabilities and Deposits	2,142,890	2,246,081
Tenant Security Deposits	958,405	900,737
Total Other Liabilities	20,936,465	27,785,321
Total Liabilities	117,243,811	118,067,331
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Series A - 8.25% Cumulative Redeemable Preferred Stock, $33,470,000 liquidation value, 1,380,000 shares authorized; 1,338,800 shares issued and outstanding as of March 31, 2012 and December 31, 2011	33,470,000	33,470,000
Common Stock - $.10 par value per share, 28,000,000 and 20,000,000 shares authorized; 15,814,945 and 15,252,839 shares issued and outstanding as of March 31, 2012 and December 31, 2011, respectively	1,581,495	1,525,284
Excess Stock - $.10 par value per share, 3,000,000 shares authorized; no shares issued or outstanding
Additional Paid-In Capital	74,374,933	69,088,409
Accumulated Other Comprehensive Income	6,522,002	2,461,305
Accumulated Deficit	(2,418,283)	(667,793)
Total Shareholders' Equity	113,530,147	105,877,205
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 230,773,958	$ 223,944,536